CFP Board Chooses ‘Perfect’ Texas Regulator to Wrangle Enforcement

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CFP Board Chooses ‘Perfect’ Texas Regulator to Wrangle Enforcement

Jul 31, 2019

The Certified Financial Planner Board of Standards has assigned a veteran Texas securities regulator to lead a newly-created task force that will examine and modernize its enforcement practices.

The organization with nearly 85,000 designees said Tuesday that it had chosen Denise Voigt Crawford, who is currently a public member of its board of directors, to chair the task force established in response to a Wall Street Journal article published Monday. The story detailed shortcomings of the CFP Board’s website, a directory of designation holders that includes thousands of financial planners facing criminal or regulatory problems or with customer complaints against them.

In a statement Tuesday, the CFP Board said it planned to address the issues raised in the article and continue to look for ways to improve.

Some changes have already been made. The CFP Board will no longer rely on advisors to self-disclose disciplinary matters and any conduct in violation of its standards. Going forward, it will review FINRA’s BrokerCheck or the Securities and Exchange Commission’s IAPD when a CFP professional renews their certification.

The independent task force headed by Crawford will focus on tightening the organization’s enforcement. An updated version of the CFP Board’s Code of Ethics and Standards of Conduct, which mandates that designation holders act as fiduciaries whenever giving financial advice to clients, goes into effect Oct. 1.

“If she is going to head an independent committee, she is going to be an independent chair. I think she’s very fair-minded and balanced,” said Joseph Borg, the director of the Alabama Securities Commission. “I think she’s perfect for this.”  Read more >

RIA Intel
By Michael Thrasher
July 31, 2019


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